CEO change at mortgage unit of WaterStone Bank

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Waterstone Financial in Wauwatosa, Wis., has hired an industry veteran to lead its mortgage company.

A.W. Pickel III will become the CEO of Waterstone Mortgage on Sept. 15, the $1.8 billion-asset parent company said in a news release. The mortgage company is a subsidiary of WaterStone Bank.

Pickel joined Waterstone Mortgage as president in June after serving as president of AmCap Mortgage’s Midwestern division since 2016.

He will succeed Eric Egenhoefer, who will remain as a nonemployee member of the board of the mortgage company.

Egenhoefer founded the company in 2000 and continued to oversee its operations past its acquisition by Waterstone Financial in 2006. Under his guidance, the origination portfolio grew from $100 million in 2006 to more than $2.5 billion last year, the news release said.

Egenhoefer will receive a $300,000 severance payment payable in three installments, according to a Securities and Exchange Commission filing.

"After bringing [Pickel] on board and giving significant consideration to Waterstone’s current and future leadership needs, I have come to the conclusion that it is time for me to step down, pass the torch to a new leader and move on to the next chapter in my career" Egenhoefer said the release, which was issued Friday.

Pickel founded the mortgage brokerage LeaderOne Financial in 1992 and expanded the company to become a full-service mortgage bank until its sale in 2016, when he left to join AmCap.

From June 2003 through June 2004, Pickel was the president of the National Association of Mortgage Brokers. He was the founder of the Kansas Association of Mortgage Brokers.

Pickel is a member of the Mortgage Bankers Association's Residential Board of Governors and serves on the Independent Mortgage Bankers Executive Council.

Brad Finkelstein contributed to this article.

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